Australian superannuation accounts have soared to unprecedented average levels, marking a milestone in retirement savings across the nation.

According to recent findings by the Association of Superannuation Funds of Australia (ASFA), all demographic groups are experiencing robust growth in their super accounts. Notably, individuals between the ages of 65 and 69 boast an impressive average of $420,934 in their retirement savings.

Overall, the average superannuation balance across all age categories has reached a record-breaking $172,834.

Despite this progress, a notable gender disparity persists. Men have an average balance of $192,119, while women average $154,641. However, ASFA reports that this gap is gradually narrowing.

Currently, women and girls hold 43.6 percent of the nation’s superannuation savings, up from 41.9 percent five years ago.

“The increase in the superannuation guarantee to 12 per cent combined with strong investment returns from super funds mean Australians have more savings than ever put away for retirement. This is great news,” ASFA chief executive Mary Delahunty said.

According to the research, a 30-year-old median wage earner with $30,000 already saved in super is now on track to retire with $610,000, above the $595,000 needed for a comfortable retirement.

It also found that fewer Australians than ever before were relying primarily on the age pension, with super increasingly becoming the main source of retirement income.

ASFA said this was a historical shift in terms of how Australians fund retirement.